Electronics retailer hhgregg has received approval from the US Bankruptcy Court for the Southern District of Indiana to initiate the liquidation of its assets.

Last month, the company filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code.

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The company’s restructuring plan is aimed at facilitating its long-term, strategic goals of improving profitability.

hhgregg president and CEO Bob Riesbeck said: “Since filing for financial protection under Chapter 11 of the Bankruptcy Code on 6 March 2017, we have continued to fight for the future of our company.

"We were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors."

“While we had discussions with more than 50 private equity firms, strategic buyers, and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors.

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“We have, however, received and accepted a bid for liquidation of our assets.”

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The retailer executed a consulting agreement with a contractual joint venture (JV) comprising Tiger Capital Group and Great American Group to conduct a sale.

The sale will include the company’s merchandise and furniture, fixtures and equipment located at its retail stores and distribution centres.

Founded in 1955, hhgregg currently has 220 stores in 19 states.